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Sep 30
Valero Q3 2025 Earnings Report
Valero reported strong Q3 2025 results, driven by record refining throughput and higher margins across key regions.
Key Takeaways
Valero delivered robust earnings in Q3 2025 with strong performance in its Refining and Ethanol segments. Renewable Diesel faced headwinds, but overall profitability and cash generation remained strong.
EPS rose to $3.53 and adjusted EPS reached $3.66.
Net income attributable to stockholders was $1.1 billion.
Refining segment earned $1.6 billion in operating income on 3.1M bpd throughput.
Valero returned $1.3B to shareholders via dividends and buybacks.
Valero
Valero
Valero Revenue by Segment
Revenue by Segment
Refining Revenue
CapyFin.comRenewable Diesel Revenue
CapyFin.comEthanol Revenue
CapyFin.com Forward Guidance
Valero emphasized ongoing optimization projects and a strong balance sheet to support future performance, despite challenges in renewable fuels.
Positive Outlook
- St. Charles FCC Unit optimization project on track for H2 2026.
- Strong refining utilization with record throughput in Gulf Coast and North Atlantic.
- Returned $1.3B to shareholders through dividends and buybacks.
- Maintains low net debt-to-capitalization ratio of 18%.
- Robust liquidity position with $4.8B in cash.
Challenges Ahead
- Renewable Diesel segment posted a $28M operating loss.
- Sales volumes of Renewable Diesel declined YoY.
- Higher depreciation from Benicia Refinery changes affected results.
- No updated full-year earnings or margin guidance provided.
- Continued macro uncertainty in energy markets and RIN pricing.